Final thoughts on Budget 2014. If one compares this with Congressi budgets of the past, then this would go down as a great budget. However if one compares this with the image of Development Messiah that Modi carries, this would be considered as a decent budget at best. It is true that this budget had many good things and that Modi Sarkaar has 4 more years to prove himself, however doing 5 simple things would have turned this from a decent budget into a great budget, making everyone happy and contributing to the well being of Economy. Before coming to those 5 steps which proved to be a difference between a decent budget and a great budget, here is a list of things which stood out in this budget: 1. Rs 10k Crore allocated for Seed funding of start ups 2. Instead of randomly giving 10k or 20 crores to some project, government has given 50 or 100 crores for multiple projects just to do a pilot and if successful more funds would be given 3. Forming war memorial for military walas and police walas who are our heroes 4. Naming many marquee projects after our war heroes like Madan Mohan Malviya, Jayprakash Narayan etc, a practice different from naming everything after Chacha Nehrus family 5. Allocating 200 Crores to statue of Sardar patel (yes some may argue it is a waste of money but it is not). Worlds largest statue would generate intense tourism income (upto 100 Crore sin 1 single year) as well as large number of employment opportunities. Besides a country spending 100 Crores to keep a terrorist like Kasab safe, feeding him biryani should not begrudge spending on revival of the ideals of a forgotten war hero. Now the 5 points which should have been taken and were very easy to announce and then execute in the next 1 year to make it a Grand Great Budget 1. Abolish subsidies, given in the form of scholarship, on the basis of religion only to select religions 2. Abolish subsidies given to beef/meat exporters (Modi made it a huge issue in UP and Bihar), dont see why it should not be abolished asap 3. Subsidies on unproductive MNREGA to be either stopped completely or only in places where no employment option is available These 3 steps would have ensured that Government has atleast Rs 70,000 crores at its disposal 4. To control Fiscal deficit - How many people u think pay taxes? Many rich businessmen earn 100 times more than us but pay taxes only 1% of what we pay. Means they earn 10s of crores per annum and pay taxes like Rs 100 Rs 200 etc. Ideally they should pay 2 crores of taxes or even more.There are 1000s of people like this. Govt did not announce anything to tap this huge source of income. They should have atleast announced that they will bring such people and collect taxes from them which they have evaded so far This would have fetched additional 50,000 Crores atleast. Using this money government should have done the 5th thing 5. Announce tax free income upto 5 lakhs instead of 2.5 lakhs they announced This would have created a huge confidence and #AchheDin would have started right away. Tax payers in turn would have spend these extra money to trigger growth in the Economy Analysis By - https://facebook/suyashbharadwaj
Posted on: Thu, 10 Jul 2014 17:24:58 +0000